It is important to understand that there are different types of Power of Attorney. Talking to an Estate Planning Attorney is a good option to discuss what kind of Power of Attorney will work best for you.
A General Power of Attorney is signed in front of a notary public and automatically ends when the principal dies or becomes mentally incompetent. A Durable Power of Attorney, which is included in our Estate Plans, is signed in front of two witnesses and a notary public. The Durable Power of Attorney only ends when the principal dies and does not end if the principal becomes mentally incompetent.
The key difference lies in incapacity—the agent of a General Power of Attorney can only legally engage in business on behalf of the principal until the principal dies, is mentally incompetent, or can no longer make informed decisions independently. Whereas the Durable Power of Attorney allows the agent to continue legally engaging in matters on behalf of the principal even if he or she becomes mentally incompetent. The Durable Power of Attorney is a good option for trusted agents who can manage the stress of end-of-life medical care decisions. It may be helpful to call an Estate Planning Attorney to discuss picking an agent.
Whether you have questions about how to get started in the right direction or questions about an instrument you have already created, feel free to contact our firm, Hartsfield & Egbert, PLLC at (405) 285-685, or visit our website www.helawedmond.com and schedule a consultation.